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Finally, something right?

The Treasury Department and the House Financial Services Committee chairman Barney Frank (D - Mass.) last night unveiled a sweeping new bill that attempts to rein in "too big to fail" financial institutions. The proposed legislation, its authors argue, would end the era of taxpayer bailouts for failed firms.

In essence, as the blog Volatility put it, the bill would force large banks and other financial firms to contribute to a "financial superfund," so that they, instead of taxpayers, would foot the bill for the failure of immense institutions.

Funny Barney Frank 2 years before the banks failed said everything was fine. He said Freddie and Fannie didn't need regulations and him and other Dems blocked any attempt by Bush and McCain and other Republicans to fix both so we didn't have a crisis. I find it comical he is trying to fix anything now when he is one of the reasons we are in the mess we are in. lol

Anon there were hearings about Fannie and Freddie. Look through the cspan stuff.

I think it is a terrible idea. Why on earth would they want to create a superfund to bail them out AGAIN. How about if they run the business into the ground, it FAILS and a new smarter business springs up in its place. This is how capitalism works. There should be no safety net, they should make their own with sound business practice.

Personally, I wouldn't invest in a business that was part of the superfund. It will only give them free rein to screw up at someone elses expense. Yes, I know they invest in the fund. But, it will still cost their stockholders. You remember the stockholders, they are the ones that get forgotten about when discussing corporations.

I bet it will eventually involve the nationalization of the industry. Barney Franks is the biggest hack I have ever seen. He ran Fanny and Freddie into the ground and then admitted it was planned. He needs to be fired and then someone needs to teach him how to buy shirts that fit and how to tie a bloody tie.